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Auto loan and pay and stay return questions

empressj
Frequent Contributor

Auto loan and pay and stay return questions

I’m 19 months post BK7 and still have the car that was included in BK. Back then I decided that pay and stay was the best option however its not helping us now. No credit for timely payments on a car we don’t and will not own...repairs and car maintenance costs...etc. We’re pretty much renting a car and paying too much on a monthly basis.
Today I was pre approved by Capital One Auto Navigator and received an email confirming but no dollar amount or interest rate. I must say I’m so nervous about buying another car. So afraid of making a poor choice hurting us financially. I’m also considering financing with my Credit Union just to see what’s offered...if anything.

At this point, I’ve stopped making payments on the current car and saving for down payment. I haven’t heard from WFDS -Wells Fargo and nervous that I’ll wake up and car will be gone 🤭😂.
Anyone have experience with WFDS? returning a car after discharge - no reaffirmation, just pay and stay. How long will it take for them to pick the car up? Will they notify me? Should I call and make arrangements for pick up?
Discharged Jan 2017
Rebuilding credit
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2 REPLIES 2
CCrew
Contributor

Re: Auto loan and pay and stay return questions

Handle it like a voluntary repo - call and arrange pickup or you deliver to an agreed upon location. With some banks it's any bank branch. Because you can guarantee that if you don't you *will* wake up one morning to find it gone once they issue a repo order on it, BK or not at the end of the day it's still a repo. How long you have varies from lender to lender, but in many cases it's 60-90 days (and zero notice - they tend not to warn people the repo man is coming lest they start hiding the asset.). 

Message 2 of 3
Harmony12
Frequent Contributor

Re: Auto loan and pay and stay return questions

With Cap One Auto Navigator you will not see exact terms on your email. I was also confused by this because of the feedback from others. Use the Navigator to search for a car. It will give you terms based on the VIN, Offer Price, Downpayment, and years to finance. All of this can vary VIN to VIN. Play around with it and see how it goes. The sky is the limit when just searching Auto Navigator because that’s how you’ll figure out the maximum you were approve for with the best rates.
Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO 8
7/7/18 11/11/20
EQ 557 711
TU 566 701
EX 514 702

Mortgage Scores FICO 5,4,2
7/7/18 11/11/20
EQ 494 676
TU 480 704
EX 479 688

Goal Score 720
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